I am almost 40, and I have seen the same pattern play out several times now, it’s always the same.
I've worked in a bunch of industries and places over the years, and this is not just a tech thing. Like, there's a reason that saving a day in the library with a week in the lab is a pretty famous saying.
This was a CTO burning funds, and that does not even cover the maintenance costs, especially as the original library changes and becomes drastically more modern.
The ageism in tech probably has something to do with it.
When I see some of these brobdingnagian disasters, I always wonder if there were any adults in the room, when the idea was greenlighted.
They'd rather treat the general version of Greenspun's 10th rule as a commandment, and create a new, ad hoc, informally-specified, bug-ridden, slow implementation of some fraction of whatever already addresses the requirement, than learn about how to use some existing tool that they don't already know.
One of my favorite examples is a company that home-rolled their own version of (a subset of) Kubernetes, ending up with a fabulously fragile monstrosity that none of the devs want to touch any more, and those who do quickly regret it.
I sure hope it doesn't involve a bunch of shell scripts to create a new, ad hoc, informally-specified, bug-ridden...
I'm only half a decade behind you, and I agree. Sad to see really, these are people who work really hard, but I think they are too focused on the algos and nobody is hiring experienced back-end and application builders.
This might mean that the companies that we see explode in popularity are those whose cultures are already biased in ways that don't consider negative outcomes, as the companies that did consider them already excluded themselves from exploding in the market (they might still be entirely successful startups, but at a vastly smaller scale of success).
Lots of things were the Hot New Things That Will Change Everything, like VLIW processors, transputers before that, no doubt others. Perceptrons! Oh wait they can't do XOR functions, well how about Neural Networks? Too complex! Tell you what then, Fuzzy Logic, it'll power everything from washing machines to self-driving cars! Now we're at LLMs that are just neural network-powered Eliza bots that pirate everything like you did the week you first discovered Torrentleech.
Some things have stuck around, like OOP and RISC processors. Others like Quantum Computing are - like Iran's nuclear weapons program - just weeks away from blowing away everything we know, for the past 40 years or so.
Everything runs on relational databases on thumping great Unix boxes and that's unlikely to ever change.
My bet would be that a lot of the ICs and managers who made anthropic what it is have been sidelined and investor yes-men with puffy resumes are now running things while investors panicked about high interest rates breathe down their neck.